24.04.202023:46 Forex Analysis & Reviews: Weekly analysis of Gold

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Gold price is near its 2020 highs. Trend remains bullish with no reversal signal. On the other hand, Gold is showing several important reversal warnings and that is why I prefer to be neutral if not bearish at current or higher levels as I expect the reversal to occur over the next weeks.

Red lines - bearish divergence

Green line - support

Gold price remains in a bullish trend as long as it holds above the green trend line. Support is key at $1,690-$1,700. We also need to keep a close eye on the RSI. Another rejection at the red trend line would be a bearish reversal warning. Resistance is at $1.760.

The bearish warning signs by the RSI can be seen above. Price could provide us a new higher high next Monday and then turn lower. Weekly RSI close to resistance at $1,760

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